Scaled order consists of several limit orders placed one by one in decreasing or increasing order of price.
How to create a Scaled order
When creating a Scaled order, you have to select:
- Buy or Sell;
- High and Low prices;
- The number of levels from 10 to 100;
- The Amount in the base currency or the Total in the quote currency.
All orders for both buy and sell are placed with the same volume in the base currency. If our Amount is 0.03595 BTC, and we have 10 grids, the system will distribute that Amount among 10 grids. So, each order will hold 0.003595 BTC.
The Low price has to be less than the High price, and there should be a distance between them that allows placing the specified number of orders.
When launching a scaled order, the buy order can only be placed under the current price. It means that the sell-scaled order can be placed only above the current price. Once all the parameters are set, click [Buy/Sell ...].
Track your Scaled order
To see whether your order has been filled, go to the Open orders tab. The Filled volume will appear as the limit orders are executed.
As the orders get completed, the price range will shrink, the volumes will decrease, and the percentage of execution will grow.
Once the order has been placed, it cannot be modified. The only way to change it is to cancel the order and create a new one.
After placing the order, High and Low orders will be displayed with crosses. By pressing any cross, the scaled order will be fully canceled.
Sell and Buy Scaled orders
Scaled buy orders are great for price averaging. When creating it, the High price should be set below the current price, and the Low price has to be under the High price. Otherwise, the system will ask you to adjust the range.
If we talk about Scaled sell orders, they are great for selling all the way up. This way, you can sell your base currency at a higher price each time the price moves up.
The Scaled sell order should be set above the current price. Just like with the Scaled buy order, the Low price has to be below the High price.
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